Pakistan government surrenders before another IMF demand

Pakistan government surrenders before another IMF demand

The Caretaker government has taken yet another step to meet one of the International Monetary Fund's (IMF) conditions. Last night, they implemented a significant increase in the levy imposed on petroleum products, demonstrating their commitment to fulfilling the IMF's demands.

In this latest development, the caretaker setup announced a price hike of Rs 14.91 per litre on petrol. Simultaneously, the price of high-speed diesel (HSD) experienced an even more substantial increase, rising by Rs 18.44 per litre. This move reflects the government's efforts to generate revenue and stabilize the economy.

This surge in petroleum product rates has led to a historic milestone, with prices now exceeding the Rs 300 per liter threshold for the very first time. Specifically, petrol is now priced at Rs 305.36 per litre, while diesel stands at Rs 311.84 per litre. These prices are causing significant financial implications for consumers.

In addition to the base price adjustments, the caretaker government has also fulfilled another IMF requirement by imposing an additional Rs 5 levy on petrol. This increase takes the total levy on petrol from Rs 55 to Rs 60 per litre. The government's decision to increase levies further reflects its dedication to meeting international financial commitments.

It's important to note that the former Pakistan Democratic Government (PDM) had initially approved the increase in the levy on fuel products as part of the budgetary measures. This latest move by the Caretaker government aligns with their broader fiscal strategy to navigate the country's economic challenges and meet international